The Securities and Exchange Commission yesterday smacked the private-equity firm founded by Lewis Ranieri — the “godfather” of mortgage-backed securities — for improper fundraising tactics.

Ranieri Partners, which focuses on real estate investments, worked with an unregistered broker to help it solicit capital commitments, the SEC said.

The broker, William Stephens, was paid $2.42 million to raise $569 million for Ranieri without the proper licenses.

Manhattan-based Ranieri Partners settled the allegations for $375,000 and Stephens was barred from the securities industry.

Donald Phillips, a senior executive at the firm, was fined $75,000 and suspended from acting as a supervisor at an investment adviser or broker-dealer for nine months.

Ranieri, a Brooklyn native, is often credited with pioneering mortgage securities while at Salomon Brothers some 30 years ago. He was featured in Michael Lewis’ book “Liar’s Poker” along with Salomon CEO John Gutfreund and bond trader John Meriweather.